Stifel maintains its 'hold' rating on OVH Groupe shares, with an unchanged target price of 11 euros.

The analyst reports that OVH this morning published sales of €228 million for the 3rd quarter of its 2023 fiscal year, reporting organic growth of +13.2%, "in line with consensus" and Stifel's expectations.

FY23 guidance is also confirmed in terms of sales and EBITDA margin, but the Group is now targeting the low end of its CAPEX expenditure guidance, which Stifel sees as 'rather good news in terms of cash consumption'

The analyst also believes that ARPAC data suggests that OVH could gradually improve its margins by raising prices above the rate of inflation.

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